LAWON RIGHT TO GRATUITOUS SHARES AND PECUNIARY COMPENSATION TO BE REALIZED BY CITIZENS IN PRIVATIZATION PROCEDURE("Official Herald of the Republic of Serbia", Nos. 123/2007 and 30/2010) |
Article 1
The present Law governs the realization of the right of citizens to pecuniary compensation on the ground of sale of shares or stocks (hereinafter: pecuniary compensation), filed in the Privatization Registry kept pursuant to the Law on Privatization ("Official Herald of the RS", Nos. 38/2001, 18/2003 and 45/2005*), and the transfer of shares of enterprises and companies specified by the present Law (hereinafter: transfer of shares).
The present Law also governs the realization of the right of employees and former employees in enterprises and commercial companies referred to in paragraph 1 of the present Article, to the gratuitous transfer of shares of these enterprises and commercial companies.
The present law regulates the establishment of the Shareholders Fund and the transfer of gratuitous shares from the Shareholders Fund to the citizens without compensation.
Article 2
Rights in conformity with the present Law shall be realized by persons meeting the ensuing requirements:
1) to be eighteen years of age on 31 December 2007 inclusive, and to be, on the day of acquiring the right-holder’s status, filed in the register of voters of competent municipal agencies;
2) to be, on the day of entering into force of the present Law, the citizens of the Republic of Serbia;
3) to have had on 30 June 2007 the domicile on the territory of the Republic of Serbia and/or the status of a temporary displaced person from Kosovo and Metohija;
4) to have not, totally or partially, in any way realized the right to gratuitous shares in conformity with the Law on Ownership Transformation ("Official Herald of the RS", Nos. 32/1997 and 10/2001) or the Law on Privatization, and
5) to be filed in the right-holder records kept by the Agency for Privatization (hereinafter: Agency), in conformity with the present Law.
Persons referred to in paragraph 1 of the present Article shall forfeit, on the day of gaining the right-holder status, the right to acquire the capital? free of charge pertaining to employees in an entity to be privatized pursuant to the Law on Privatization.
On the day of gaining the status of the right-holder, the persons specified in paragraph 1 of the present Article shall forfeit the right to acquiring gratuitous capital granted to employees in the entity to be privatised in compliance with the Law on Privatization.
Equality in Realization of Right
Article 3
Persons referred to in Article 2 of the present Law (hereinafter: right-holders) shall acquire the right to an equal amount of pecuniary compensation and an equal number of shares of every enterprise and/or commercial companies as stipulated by the present Law.
Article 4
The right to gain the right-holder’s status shall not be transferable and may not be the subject of inheritance.
The right to pecuniary compensation and the right to transfer of shares, from the day of filing in the rights-holder records until the day of receipt of pecuniary compensation, and/or filing of a rights-holder as the lawful owner of shares that are the subject of gratuitous transfer to the Central Securities Depository and Clearing House (hereinafter: Central Registry) shall not be transferable, nor shall it be the subject of any kind of disposal, including pledging as a collateral to grant security and other legal transactions to the same or similar effect.
In case of demise of a person who filed the application to be recorded in the right-holder records pursuant to the present Law, and/or death of a person who gained the right-holder’s status, the heirs of the person in question shall acquire and/or exercise the right to pecuniary compensation and the right to transfer of shares under the conditions and in the mode these rights would be gained and/or realized by the person they have inherited.
Any HOLDING of shares contrary to provisions of paragraphs 1 through 3 of the present Article shall be deemed null and void.
II PROCEDURE OF FILING OF RIGHTS - HOLDERS
Article 5
The rights-holder records shall be kept by the Agency as a public and electronic data base (hereinafter: rights-holder records).
Application for Filing in Rights-holder Records
Article 6
The application for filing in the rights-holder records shall be submitted in compliance with public invitation announced by the Agency (hereinafter: public invitation).
The deadline for submitting the application specified in paragraph 1 of the present Article shall be specified in the public invitation with the provision that it may not be shorter than 6 months from the day of announcing the public invitation.
Persons referred to in Article 2 of the present Law who fail to submit the application specified in paragraph 1 of the present Article until the expiry of deadline indicated in public invitation shall not acquire the right-holder status and shall not exercise the right to pecuniary compensation and/or to transfer of shares.
Filing in the Right-holder Records
Article 7
The Agency shall file in the rights-holder records the person who submitting the application within the time limit indicated in public invitation and satisfying the requirements specified in Article 2, paragraph 1, items 1 through 4 of the present Law.
Article 8
The Agency shall dismiss by a resolution a lapsed application or the one submitted by a person not meeting the requirements referred to in Article 2, paragraph 1, items 1 through 4 of the present Law.
The Agency shall also dismiss by considered opinion an application not submitted pursuant to public invitation, if it previously called on the applicant to rectify the application and the applicant did not act accordingly within the indicated deadline.
The resolution referred to in paragraphs 1 and 2 of the present Article shall not be delivered by hand to the applicant, but shall be announced in Agency’s internet page, while the list of all applicants whose application is dismissed by the considered opinion shall be published in the "Official Herald of the Republic of Serbia", and in one of the daily papers distributed in the entire territory of the Republic of Serbia; the publication date such list in the "Official Herald of the Republic of Serbia" shall be deemed the day of delivery of the resolution.
Right to Appeal and Instituting Administrative Proceedings
Article 9
The person whose application is dismissed shall be entitled to an appeal to the minister in charge of privatization affairs (hereinafter: minister) within 30 days from the date deemed to be the day of delivery of the considered opinion referred to in Article 8, paragraph 3 of the present Law.
The Minister shall decide on the appeal within a 60 day time limit.
In deciding on the appeal specified in paragraph 1 of the present Article, the minister may:
1) dismiss by a considered opinion an untimely appeal or an appeal submitted by unauthorized person;
2) turn down the appeal as ungrounded;
3) order by a ruling that the applicant be filed in the records.
Administrative proceedings may be instituted against the considered opinion and the ruling specified in paragraph 3 of the present Law within 30 days from the date of delivering the resolution and/or ruling.
Detailed Regulation of Procedure and Mode of Right-holder Records
Article 10
The Government shall regulate the details of procedure and mode of the right-holder records.
IIa THE ESTABLISHMENT OF THE FUND, FUNDS FOR ESTABLISHMENT AND OPERATION, PROPERTY, OPERATION AND THE FUND BODY
Establishment, Legal Status, Headquarters and Legal Structure
Article 10a
The Shareholders Fund shall be established (hereinafter: the Fund).
The Fund has rights and obligations determined by the present law.
The Fund has the status of a legal entity.
The Fund’s headquarters are located in Belgrade.
The Fund shall be established as a closed joint stock company. The operations of the Fund shall also be governed by regulations that stipulate the status of the business companies.
The business activity of the Fund shall be:
65232 - Financial agency.
Funds for Establishment of the Fund
Article 10b
The Republic of Serbia, as a founder of the Fund, shall pay in the pecuniary contribution of 50,000 euros, in dinars counter value under the middle exchange rate of the National Bank of Serbia on the day of payment.
The funds for establishment of the Fund shall be appropriated in the Budget of the Republic of Serbia.
The contribution in kind of the Fund shall be consisted of shares and stakes:
1) Registered by the Privatization Register;
2) Transferred from the Share Fund to the Fund, in accordance with law.
The pecuniary contribution of the Republic of Serbia shall not be transferred to the right holders.
The Property of the Fund and the Shares of the Fund
Article 10c
The property of the Fund is constituted by the ownership right that the Fund has over the contribution in kind:
1) On shares and stakes registered in the Privatization Register;
2) On shares and stakes transferred from the Share fund to the Fund, in accordance with law.
The property of the Fund shall be augmented by payment:
1) Of 15% of the capital shown in the share capital of the subjects of privatization that shall be privatized by the method of the public tender;
2) Of 15% of the capital shown in the share capital of the public utilities companies that shall be privatized in accordance with the regulations governing the privatization;
3) Dividends on shares, or distributed profit based on contributions, owned by the Fund.
The property of the Fund can also be augmented by the contribution of the capital of other legal entities that are state owned, in accordance with an act of the Government.
The total property of the Fund referred to in Para. 1 and 2 hereof shall be shown in shares of the Fund that shall be transferred without compensation to the right holders.
Article 10d
The value of the property of the Fund referred to in Article 10c Paragraph 1 of the present law, shall be determined on the basis of market, or nominal, value of shares or accounting value of shares if they are issued without nominal value and the accounting value of contributions paid into the Fund.
The property of the Fund can neither be subject to a pledge, nor included into liquidation or bankruptcy estate, nor can it be subject to enforced collection for settlement of receivables.
Article 10e
The Privatization Agency (hereinafter: the Agency) performs the operations of the Fund, in the name and on behalf of the Fund.
Article 10f
The Fund’s Body is the Fund’s Council (hereinafter: the Council).
The Council has a president and four members, appointed and dismissed by the Government, nominated by the minister.
The President of the Council represents the Fund.
The mandate of the President and members of the board is five years, with a right to reappointment.
In order to be appointed for the President or member of the Council a person must be an expert in one or several areas of expertise in the auspices of the Fund, with a second degree college education (graduate studies - masters, specialized graduate studies, specialized professional studies), or basic studies lasting at least four years, not employed by the agency, which by appointment for the President or member of the Council would not be in conflict of public and private interest, which has not been convicted for criminal acts in the area of labor law relations, commerce, property, justice, public order and legal transactions, official duty, bribe and corruption or for criminal acts and corporate felonies stipulated by laws that regulate the securities market, privatization, insurance, banks and other financial organizations.
A person who is simultaneously a shareholder or member of a company holding a stake higher than 5% in the basic capital of a company wherein the Fund owns shares or stake, or who is a member of the management, the supervisory board, or the executive board of directors of a company wherein the Fund owns shares or stake, cannot be appointed for a president or member of the Council.
The President and a member of the Council receive remuneration for their work in the Council, the amount of which is prescribed by the minister.
The Council:
1) adopts the Fund’s Program;
2) Determines the number and the nominal value of shares issued by the Fund;
3) Renders decision on issuance of shares by the Fund;
4) Determines the price upon which the Fund buys own shares;
5) Controls the operations of the Agency in affairs that the Agency performs in the name and on behalf of the Fund;
6) Adopts a periodical and annual report on Fund’s operations, proposed by the Agency;
7) Adopts a report on performed audit on affairs that the Agency performs in the name and on behalf of the Fund;
8) Adopts its Rules on Procedure;
9) Performs other tasks, in accordance with law.
Article 10g
The Fund’s Program shall be adopted by the Council on a proposal by the Agency, for each calendar year.
The Fund’s Program stipulates:
1) Dynamics and volume of sale of shares or stakes;
2) Harmonizing of the dynamics of sale of shares or stakes with planned revenues of the Fund;
3) Public campaign and promotion of sale of shares issued by the Fund;
4) And other issues of value to the Fund’s operations.
III SALE OF FUND’S SHARES AND STAKES
Right to Pecuniary Compensation
Article 11
A right-holder shall exercise the right to pecuniary compensation from the proceeds received through the sale of shares and/or stakes filed in the Privatization Registry (hereinafter: shares and stocks).
Sale of Shares and Stakes Transferred to the Fund
Article 12
The Agency shall sell shares or stakes referred to in the Article 10c of the present law that are transferred to the Fund, in accordance with the Fund’s Program.
The shares referred to in Paragraph 1 of the present Article shall be sold on the securities market in accordance with the law that regulates the securities market.
Notwithstanding the Paragraph 2 of the present Article, the Agency may sell shares outside the regulated securities market by a public offer, in accordance with the law that regulates the securities market, using a method of public tender or public auction, and by accepting a takeover bid.
The procedure of sale by public tender or public auction referred to in the Paragraph 3 of the present Article is governed by regulations that prescribe the privatization, while the acceptance of the takeover bid is performed in accordance with the law that regulates the takeover of joint stock companies.
The decision on trading of shares that were transferred to the Fund outside the regulated securities market shall be rendered by the Council.
Simultaneously with the offer for sale of shares by method of public tender or public auction, the shares of individual shareholders of the legal entity whose shares are offered for sale can also be offered for sale.
The stake whose accounting value, according to the last financial report, is less than 200,000 dinars shall be sold in accordance with the provisions of the law that regulates commercial companies.
In the procedure of trade of shares, the Agency shall obey the principles of publicity and non discrimination.
The Government shall regulate in more detail the procedure and manner of sale of shares and stakes by method of public auction.
Article 13
(Erased)
Ban on Transformation of Open-Type Joint-Stock Companies into Closed-Type Joint-Stock Companies and Limited Liability Companies
Article 14
An open-type joint-stock company may not change its legal form into a limited liability company, and an open-type joint-stock company may not be transformed into a closed-type joint-stock company until the completion of sale of all shares of that company, in conformity with the present Law.
A closed joint stock company and a limited liability company whose shares were transferred without compensation to the right holders shall change into open joint stock company within ninety days after the day when the Agency submits the list of shareholders to the Central Registry.
Article 15
A dividend on the grounds of shares and/or profit on the grounds of stakes filed in the Fund shall be paid out to the Fund until the completion of procedure of sale of shares and/or stakes, in compliance with the present Law.
The Central Registry shall calculate the dividends yield for joint-stock companies whose shares are filed in the Fund.
The right to management may not be exercised on the grounds of shares and/or stakes until their sale is effected in conformity with the present Law.
Payment of Pecuniary Compensation
Article 16
The sale of shares and stakes by the Agency shall not be subject to the tax on trade of absolute rights.
Proceeds received through the sale of shares and stakes, after deducting the sale costs, shall be transferred to a separate account of the Fund opened for that purpose.
The proceeds specified in paragraph 2 of the present Article shall be used exclusively for payment of pecuniary compensation in conformity with the present Law, and may not be the subject of compulsory winding - up or settling debts with creditors.
The minister shall prescribe the mode of calculation of costs referred to in paragraph 2 of the present Article.
Pecuniary compensation shall be paid off to the right-holders in the mode and within the time limits prescribed by an act of Government.
Article 17
(Erased)
IV TRANSFER OF SHARES TO CITIZENS WITHOUT COMPENSATION
Right to Shares without Compensation
Article 18
The Fund issues shares (hereinafter: the Fund’s shares) which shall be transferred without compensation to the persons who are inscribed in the rights holders records, managed by the Agency as a public and electronic data base.
Article18a
Apart from the Fund’s shares referred to in the Article 18 of the present law, the rights holders shall exercise the right to distribution of gratuitous shares in following state owned companies and other companies with participating state capital or companies that perform activities of public interest:
1) 15% of total number of shares of the Public Enterprise "Electric Power Industry of Serbia" Belgrade;
2) 15% of shares of the Republic of Serbia in the telecommunications joint stock company "Telekom" Belgrade;
3) 15% of total number of shares of the Public Enterprise Airport "Nikola Tesla", Belgrade.
The provisions of the present Article shall apply to the legal successors of the companies referred to in the Paragraph 1 of the present Article who are to be formed by status changes of those companies to be executed after the date of the present law’s coming into force.
The Government shall prescribe in more detail the procedure and manner of transfer of the shares referred to in the Paragraph 1 of the present Article to the rights holders.
The Government can decide if it estimates that it is of public interest both for citizens and state owned companies referred to in the Paragraph 1 of the present Article, to augment the property of the Fund by contributing the shares of those companies in the amount of the percentage stated in the Paragraph 1 of the present Article and to issue Fund’s shares to the rights holders based on that augmentation of the Fund’s property.
Distribution of Gratuitous Shares
Article 19
The gratuitous shares of the companies referred to in Article 18a of the present law shall be transferred to rights holders after the change of the organizational form of the company into the joint stock company, but before the beginning of the process of privatization.
Article 19a
The rights holders shall gain right to an equal number of Fund’s shares.
The Fund’s shares that shall be transferred to the rights holders are regular shares of the same nominal value, made out to a name and with voting rights, realized by the Republic of Serbia through the Agency.
Neither an individual shareholder, nor a company wherein this shareholder is considered as a controlling member or a controlling shareholder within the meaning of the law that regulates business companies, may have more than 10% of Fund’s shares.
Article 19b
When the Fund’s property is augmented by new shares or stakes, the Fund issues a new issuance of regular shares.
The Fund shall issue a new issuance of shares referred to in Paragraph 1 of the present Article when the Fund’s property is augmented in such way that all rights holders shall receive at least one share of the new issuance.
Only the rights holders possess the right to shares referred to in Paragraph 2 of the present Article.
The decisions referred to in Paragraph 2 of the present Article shall be rendered by the Council.
Article 19c
The Fund’s shares shall be included into the regulated securities market.
The legal holder of the Fund’s shares may trade that share on the regulated securities market in accordance with the law that regulates the securities market or directly sell those shares to the Fund, in accordance with the law that regulates the status of business companies.
The legal holder of the Fund’s shares who participates in trade on the regulated securities market makes an order to broker for the first sale of gratuitous shares of the Fund.
Realization of the first order for sale of shares referred to in Paragraph 3 of the present Article means sale of all shares that were the subject of the first order to the broker.
The Government shall prescribe in more detail the procedure and manner of placing an order by the legal holder of a Fund’s share to the broker to execute the first sale of Fund’s shares.
Article 19d
The Fund shall acquire its own shares when the legal holder of the Fund’s shares directly sells the shares to the Fund.
The Fund may not acquire its own shares by means of an agreement with a legal holder, but only through a purchase bid made to all legal holders of the Fund’s shares.
The purchase bid for own shares shall be announced in all public media (press, television, internet).
The purchase bid especially contains the following: the number of shares to be purchased, the purchasing price and the time period of the purchase of shares.
The Council determines the price upon which the Fund purchases its own shares.
The Fund pays the purchase of its own shares in cash.
The Fund is obliged to annul its own shares.
Tax Treatment of Acquiring and First Sale of Shares
Article 20
Acquiring of gratuitous shares by the right-holders, as well as the first sale of gratuitous shares by right-holders, shall on no account be subject to payment of income tax of citizens, nor to the payment of tax on transfer of absolute rights.
Article 21
The Government shall conduct public procurement procedure to select brokerage-dealer companies and authorized banks (hereinafter: brokers) which shall carry out at right-holders’ order the first sale of gratuitous shares for those right-holders who decide to perform such a sale through brokers.
The costs of broker services referred to in paragraph 1 of the present Article shall be at the borne by the Budget of the Republic of Serbia for gratuitous shares the first sales of which is made until 31 December 2012.
Opening of Proprietary Accounts in the Central Registry
Article 22
The Central Registry shall, in line of duty and free of charge, open owner’s accounts of all right-holders according to the list of right-holders to be forwarded to it by the Agency - within 90 days from the date of receipt of the list.
The Belgrade Stock-Exchange shall not calculate and charge a fee for the first sales of shares without compensation which is effected until 31 December 2012.
The Central Registry shall neither calculate nor charge a fee for making the balance relating to the first sale which is effected until 31 December 2012.
V RIGHTS OF EMPLOYEES AND FORMER EMPLOYEES
Rights of Employees and Former Employees
Article 23
Employees and former employees in an enterprise prior to the conducted privatization shall realize the right to transfer free of charge of shares of that enterprise at the amount of 200 EUR per full single year of employment in that enterprise, calculated according to the assessed market value of the total capital of enterprise prior to the completed privatization, in Dinar counter-value at an average rate of exchange of the National Bank of Serbia, on the day of making the assessment, and for maximum 35 years of employment.
Capital expressed in the form of shares, transferred free of charge to employees and former employees in conformity with paragraph 1 of the present Article, shall not make the part of capital for acquiring gratuitous shares that is transferred to citizens in conformity with Article 18a of the present Law.
The right specified in paragraph 1 of the present Article shall be realized also by former employees in proportion to years of service in that enterprise and in legal predecessors of that enterprise, apart from years of service on the ground of which they have realized the right to transfer of capital free of charge in conformity with the Law on Privatization, and to the maximum of 35 years of employment under both grounds.
Employees and former employees of the joint stock company "Galenika" for production of medicines, dentals, antibiotics, pharmaceutical raw materials, veterinary products and additives, Belgrade, and the Public Enterprise for Air Traffic "JAT Airways" New Belgrade, shall realize their right on transfer without compensation of the shares of those companies in the amount of 15% of the capital to be privatized, before the conducted process of privatization.
Article 24
(Erased)
Employees and Former Employees
Article 25
Employees and former employees in terms of Article 23, paragraph 1 of the present Law shall be deemed to be the persons employed and formerly employed in enterprises and their legal predecessors, apart from former employees who, on the day of entering into force of the present Law, are employed with other commercial entities in which the privatization procedure is initiated, and who meet the following requirements:
1) to be eighteen years of age on 31 December 2007 inclusive, and to be, on the day of filing, filed in the register of voters of competent municipal agencies;
2) to be, on the date of entering into force of the present Law, the citizens of the Republic of Serbia;
3) to have had on 30 June 2007 the domicile in the territory of the Republic of Serbia and/or the status of a temporary displaced person from Kosovo and Metohija;
4) to have not in any way realized the right to shares free of charge pursuant the Law of Ownership Transformation;
5) to have not totally exercised the right to acquire capital free of charge pursuant to the Law on Privatization.
Former employee in terms of paragraph 1 of the present Article shall be deemed to include a retired person as well.
Employees and former employees in terms of paragraph 1 of the present Article shall be deemed to include:
1) in the case of NIS, employees and former employees in the enterprise, employees and former employees in the Public Enterprise Transnafta, Pančevo, and employees and former employees in the Public Enterprise Srbijagas, Novi Sad, as well as in their legal predecessors;
2) in the case of Telekom Serbia, employees and former employees in the enterprise, and employees and former employees in the Public Enterprise PTT communication of Serbia, Belgrade, as well as in their predecessors;
3) in the case of EPS, employees and former employees in the enterprise and employees and former employees in the Public Enterprise Electric Network of Serbia, Belgrade, the Public Enterprise for underground coal mining, Resavica, the Public Enterprise Excavation Kosovo, the Public Enterprise Thermo-electric Power Plants of Kosovo, and the Public Enterprise Electro-Kosmet, as well as in their legal predecessors;
3a) in case of the Public Enterprise Airport "Nikola Tesla" Belgrade, its employees and former employees, as well as employees and former employees in its legal predecessors.
The Government prescribes the manner and deadlines for transfer of shares without compensation to the employees and former employees of the public enterprises referred to in the Paragraph 3, Items 3) and 3a) of the present Article, as well as the deadline in which those public enterprises shall submit the prospectus to the financial market and execute a contract with the financial market on listing and quotation, or secure the conditions for the trading of shares on the financial market.
The Governments act from the Paragraph 4 of the present Article also prescribes the manner and deadlines for transfer of shares without compensation to the rights holders.
Impossibility of Realization of Right under two Grounds
Article 26
Employees and former employees shall have no right provided for in Article 23, paragraph 1 of the present Law if they have acquired the right-holder status pursuant to the present Law.
Employees and former employees shall have no right to acquire the capital free of charge on the ground of the Law on Privatization against the years of employment as the basis for the right to transfer of shares free of charge realized pursuant to the present Law.
Appropriate Application of Provisions on Restricting Rights and Tax Exemptions
Article 27
Restrictions to transfer of rights referred to in Article 4 of the present Law shall accordingly apply to employees and former employees.
The provisions of the Article 9 of the present law shall be applied in conformity to the employees and former employees.
Realization of Right by Means of Pecuniary Compensation
Article 28
Should assessed market value of fixed assets of an enterprise be under 300 million EUR, the Government may decide that right-holders, and employees and former employees, instead of the transfer of shares without charge, be paid pecuniary compensation to the tune of the assessed market value of such shares.
The act referred to in paragraph 1 of the present Article may be passed also should the transfer of shares free of charge to right-holders and/or employees and former employees cause considerable loss to the enterprise, or should such transfer prevent or substantially hinder the carrying out of privatization in that enterprise.
Authority for Enacting Regulations
Article 29
The Government shall regulate details of the procedure of filing of employees and former employees, as well as the mode of determining the assessed market value of shares, and of the procedure of transfer of shares referred to in Article 23 paragraph 1 of the present Law.
Application of Provisions of the present Law to Public Enterprises
Article 30
Provisions of the present Law, in the part regulating the transfer of shares free of charge to citizens and the rights of employees and former employees, shall accordingly apply also to public enterprises and commercial companies with the majority State-owned capital which, in conformity with special regulations, perform an activity of common interest, should after entering into force of the present Law the privatization be carried out in these enterprises and/or commercial companies in terms of Article 19 of the present Law.
Special regulations governing the mode of privatization of specific enterprises and commercial companies referred to in paragraph 1 of the present Article may also specify a different mode of realization of rights of citizens and the employees.
Article 31
Whoever, with the intention to accrue unlawful financial benefits for oneself or another person by misleading a rights-holder and/or an employee or former employee, or to keep him in error on false pretences or by withholding the facts, misleading him/her in such a way to enter into contract or another legal transaction relating to the transfer of right to pecuniary compensation or the right to transfer of shares, shall be punished by a fine or imprisonment of up to three years.
Whoever, with the intent to accrue for himself or for another unlawful financial benefits offers services of mediation between right-holders and/or employees and former employees, and agencies in charge of implementation of the present Law in the procedure of filing in the records of rights-holders and/or in the records of employees and former employees, or whoever offers without authority the services of filing in such records, shall be sentenced to fine and imprisonment up to three years.
Article 32
The fine ranging from 1,000,000 to 3,000,000 dinars shall be incurred for corporate felony on a commercial company offering services of mediation between right-holders and/or employees and former employees, and agencies in charge of implementation of the present Law in the procedure of filing in the records of right-holders and/or filing in the records of employees and former employees, as well as on a commercial company offering without authority the services of filing in such records.
The fine specified in paragraph 1 of the present Article shall be incurred for corporate felony as well on a commercial company which perform a contract or other legal transaction with the right-holder and/or the employee or former employee on the transfer of the right to pecuniary compensation or the right to acquiring shares without compensation.
A fine of from 50.000 to 200.000 dinars shall be incurred for corporate felony as well, on a person liable for it, in the commercial company referred to in paragraphs 1 and 2 of the present Article.
Article 32a
A company shall be penalized with a fine for corporate felony, in the five fold amount of the gross salary of a general manager or a chairman of the board of directors of a public enterprise or a business company for the month preceding the month wherein the corporate felony has been committed, unless it meets the deadline referred to in Paragraph 14 of the present law.
A general manager, a chairman of the board of directors, as well as members of the board of directors or other executive corporate body, shall be penalized with a fine for corporate felony, in the five fold amount of the gross salary of a general manager or a chairman of the board of directors of a public enterprise or a business company for the month preceding the month wherein the corporate felony has been committed, unless they meet the deadlines referred to in Paragraph 14 of the present law.
Article 33
A fine of from 5.000 to 50.000 Dinars shall be incurred on a person who enters into contract or other legal transaction, as well as a person who, contrary to Article 4 of the present Law, unlawfully possesses in any other way of the right to pecuniary compensation or the right to acquire shares free of charge.
VIII TRANSITORY AND CONCLUDING PROVISIONS
Time Limits for Enacting Regulations on Implementing the Law
Article 34
The Government and the Minister shall enact regulations on implementing the present Law within 6 months from the date of its entering into force.
Termination of Validity of Provisions of other Laws
Article 35
On the day of entering into force of the present Law, the provisions of Article 52, paragraph 3 and Article 53 and 54 of the Law on Privatization shall cease to be valid.
On the day of entering into force of the present Law, the provisions of Article 9a of the Law on Public Enterprises and Performing of Activities of Common Interest ("Official Herald of the RS", Nos. 25/2000, 25/2002, 107/2005, and 108/2005 - corrigendum) shall cease to be valid.
Article 36
The present Law shall enter into force on the eighth day from the publication in the "Official Herald of the Republic of Serbia".
Independent Articles of Law on amendments to the
Law on right to gratuitous shares and pecuniary compensation to be realized by citizens in privatization procedure
("Official Herald of the Republic of Serbia", No. 30/2010)
Article 24
The Share Fund shall transfer the shares or stakes to the Fund from the portfolio of the Share Fund, except the shares and stakes that were transferred to the Share Fund under terminated contracts on sale and purchase of capital or property before the day of coming into force of the present law.
The Central Registry shall on its own initiative perform the transfer of shares from the owner’s account of the Share Fund to the owner’s account of the Fund.
The Agency in charge for the registration of commercial entities shall on its own initiative execute the change of stake owners from the Share Fund to the Fund.
Article 25
The conditions for the beginning of operation of the Fund are met on the day of inscription in the registry of business entities.
Article 26
The Government shall appoint the Council within 30 days after coming into force of the present law.
The President of the Council shall submit the application for inscription of the Fund into the registry of the business entities and shall execute all needed legal and material actions for the beginning of operation of the Fund.
Article 27
The founder of the Public Enterprise Airport "Nikola Tesla" Belgrade and the Public Enterprise "Electric Power Industry of Serbia" Belgrade shall ensure that these companies shall change legal form and shall show their basic capital in shares of certain nominal value based on corrected accounting value of the capital, until the following dates:
1) The Public Enterprise Airport "Nikola Tesla", Belgrade until June 30, 2010;
2) The Public Enterprise "Electric Power Industry of Serbia" Belgrade until December 31, 2010;
The joint stock company "Oil Industry of Serbia a.d. Novi Sad" shall change its form into open joint stock company until June 30, 2010.
Article 28
The present law shall come into force on the eighth day after its publication in the "Official Herald of Republic of Serbia".